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Damage Control

The President and CEO of Apmex showed up on another gold and silver forum to address the madness unfolding and those registering complaints. He got a good verbal bashing from the forum (myself not included). It seems there are alot of pissed off people concerning how this was all handled and many are threatening to move their business elsewhere. Myself....I think the demand was built for these sets unknowingly and a monster was created when they kept putting off the issue party of these coins. The Mint planned to tack on 2 bucks an ounce premium to the AD's....that's where the trouble started. They broke their word with the Mint and marked them up like a Flea-bayer. I find the whole thing funny really and have my own opinion as to how it should havbe been handled, but since I'm not a collector, and don't feel slighted, I'll leave that to other parties.

Lotsa hurt feelings over this one....the Mint is trying to save Apmex's business...or at least Apmex is probably hoping

Crash Silver....Crash Damn You! (wait until tomorrow though)

"The United States Mint issued a press release on December 1, 2010, announcing the December 6, 2010, availability of the 2010 America the Beautiful Ounce Silver Bullion Coins through the established network of Authorized Purchasers who, in turn, would make them available on the secondary market. Due to the limited availability of the 2010 America the Beautiful Silver Bullion Coin coins, public anticipation has been extremely strong. Since the press release was issued, the United States Mint has received numerous calls and inquiries from the public regarding premiums being charged for these coins. As a result, we are delaying the launch of this program. No America the Beautiful Ounce Silver Bullion Coins orders will be confirmed today."

Good comments at the first link.

"I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone"The truth is called hate by those who hate the truth." - K

Obviously the 2010s are going to be special ones.

"The America the Beautiful Silver Bullion Coins should have been released on December 6, 2010, but instead the program has been delayed by the United States Mint. The delay was prompted by widespread complaints about secondary market prices, which had risen to more than two times the value of the 5 ounces of silver content."

"I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone"The truth is called hate by those who hate the truth." - K

"The America the Beautiful Silver Bullion Coins should have been released on December 6, 2010, but instead the program has been delayed by the United States Mint. The delay was prompted by widespread complaints about secondary market prices, which had risen to more than two times the value of the 5 ounces of silver content."

So they had trouble getting the Silver blanks, and couldn't deliver, makes sense.

"The bank hath benefit on the interest on all monies which it creates out of nothing." - Bank of England charter 1694

"the centralization of wealth in the hands of the state by means of a national bank with an exclusive monopoly" - Karl Marx, Communist Manifesto

Complaint Dept. Setbacks and Relaunch

Actually no.

The delay came from an ocean of both enthusiastic numismatists and flippers from Flea-bay. Complete opposite ends of the pendulum....nevertheless, both furious with how the AP's seriously marked up the Mint's product. Their mistake....pre-ordering, and muscling in on the other hand that feeds them. Nevermind the Mint...who has to unsort this mess with the unhappy complainers.

They are all just a bunch of fools....and I tire to listen to their complaints. Look at the Mints numbers slated for these 5 ouncers....and compare the number to the ASE's....what did they think would happen? It's only natural that these two aforementioned factions would converge on this issue with a rabid madness and infect the whole letter of the Mint's rule to not gouge the secondary market. Granted the rascal flippers from Flea-bay are no angels....but more are profitting from that business model.

In the end...even the punters win. A higher premium means nothing at this point. Most here probably have a feeling that silver will be higher someday soon and the matter will be forgotten.